My personal experience involved a co-op whose board of directors was nominated by members of the board of the sponsoring organization.

My neighbors were very nice but in general did not understand the financial issues.

Among other things, owners who qualified for homestead deductions had to share them with owners who maintained out-of-state residences. Owners without mortgages were required to pay mortgage insurance fees. Contrary to promises, some owners were required to pay real estate commissions on the sale of their units.

My advice: Be very careful regarding the financial aspects of senior cooperative living.